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updated: 3/17/2020 11:27 AM

Royal Financial gets OK to acquire two Illinois State Bank branches

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CHICAGO -- Royal Financial Inc., the parent company of Royal Savings Bank, said Tuesday it has received regulatory approval to acquire two Illinois State Bank branch banking centers in Lake in the Hills and McHenry from North Shore Bank, F.S.B. of Brookfield, Wis.

After the projected closing on May 1, Royal Savings plans to take over approximately $42 million in deposits and all fixed assets at the locations. The acquisition will increase Royal Savings' footprint in the Chicago area to 11 branch locations and two loan production offices.

Customers of the two branches will receive additional information in the near future, Royal Savings officials said. The transfer of the branches and related deposits will not affect customer loan accounts, investments, and credit cards with North Shore Bank.